Latest Retention News
March 2010
Following the introduction of a number of successful schemes to reduce policyholder cancellations, which has included enhancing the tools in our retention team's armoury for those customers who call us to cancel, we are pleased to announce the launch of our latest pilot to prevent client attrition.
Our dedicated team of retention experts already fight to retain business on your behalf if your client calls us to cancel, and over the last few months we have improved their success rates by 37%. However customers don't always ring to cancel their policy - many simply cancel their Direct Debit mandate at the bank without speaking to their broker or Paymentshield first.
Therefore, in an effort to motivate more customers who may be thinking of cancelling to contact Paymentshield first, a pilot group of customers will have an extra paragraph added to their renewal letter which is designed to encourage them to call us to discuss their premium rather than just cancelling their policy. The additional paragraph says:-
"Looking to reduce your premium? Your policy currently provides comprehensive cover and may include a number of optional covers which you can remove if you no longer require them, for a reduced monthly premium. Please note that you should only remove optional covers that are no longer required, as you will no longer be able to claim under these sections of the policy once they have been removed .If you need advice about the cover needed to meet your requirements, please contact your financial adviser. If you would like to see whether you can reduce your monthly cost, please call our customer services team on 0845 6446 970 and quote ref MQ1"
The number listed in the paragraph will take the customer directly through to our Retention Team who will discuss the options with the customer in order to retain their business.
Approximately 20% of customers will receive these revised letters over the 3 month pilot which begins 1st March 2010. We will track success levels over the next 3 months to see if more customers call instead of simply cancelling their mandates and if it is successful, we will look to extend it to more/all customers
This is another example of us working hard to help you to keep your customers on your books. We believe this proactive initiative along with our in-house retention tools will help us to keep many more customers within the intermediary market that otherwise would be lost to the direct writers or high street banks.
If you would like to talk more information, please call our Broker Support Team on:
T: 0845 0615 100
E: brokers@paymentshield.co.uk
Lines are open:
8.00am - 7.00pm, Monday to Friday
8.00am - 1.00pm, Saturday
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